Philippines: Microinsurers to be closely monitored
Source: Asia Insurance Review | Feb 2017
Microinsurance providers will be strictly scrutinised starting this year to ensure their viability as well as to protect the insured public, according to the Insurance Commission. Insurance Commissioner Mr Dennis Funa, who assumed the post last December, said in a statement that the government will examine microinsurance providers with a “fine-tooth comb”, reported Manila Bulletin.
The regulator has introduced a new set of performance indicators and standards for microinsurance providers that will serve as an early warning system to identify providers that might have business and operational concerns, he said.
Providers include life and non-life insurance companies, cooperative insurance societies, and mutual benefit associations. At the start of 2016, there were 64 microinsurance providers covering 28.6 million Filipinos.